Mitsubishi Rayon Co. said Tuesday it will spin off its continuous fiber division and merge it with its textile sales unit, Dia Textile Inc., to create a new company Oct. 1.

The new firm, to be capitalized at 400 million yen, will have annual sales of 35 billion yen, the acrylic fiber manufacturer said. The company’s name will be determined later.

The new company will deal with processing and marketing of such textiles such as continuous acetate fiber and continuous polyester fiber, Mitsubishi Rayon said.

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